Business
Naira Strengthens Sharply Against Dollar to Start the Week
The naira recorded a significant appreciation against the US dollar across both official and parallel markets on Monday, marking a strong start to the trading week.
In the black market, the naira surged to N1,615 per dollar, gaining N13 from last Friday’s rate of N1,628. Currency traders in Abuja confirmed the new rate, with Bureau de Change operator Abubakar Alhasan noting, “We buy at N1,605 per dollar and sell at N1,615.”
The official market also reflected the naira’s positive momentum. Data from the Central Bank of Nigeria showed the currency strengthened to N1,581.58 per dollar on Monday, up from N1,586.15 at the close of trading on Friday—an improvement of N4.57.
Market analysts have linked the naira’s appreciation to increased foreign portfolio inflows and anticipation of the upcoming Eid el-Kabir holidays, scheduled for June 6 and 9, which may be influencing trading dynamics and liquidity.
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